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Pimco Cuts German Sovereign Bond Holdings, Dow Jones Reports

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May 23 (Bloomberg) -- Pacific Investment Management Co. is cutting its German government bond holdings because the market is overvalued, Scott Mather, head of global bond portfolio management, told Dow Jones in an interview.

He said he holds no sovereign debt from Greece, Portugal and Ireland, and only a small amount from Italy, Spain and France, according to Dow Jones. Instead, he’s buying U.S. mortgage-backed securities and German, U.K. and Dutch covered bonds, Dow Jones quoted him as saying.

To contact the reporter on this story: Jana Randow in Frankfurt at jrandow@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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